CBS to Create Original Shows for Netflix, Hulu, Amazon Prime

The network will not be buying CNN

The network said it will expand by developing TV shows for online streaming services such as Netflix (NFLX), Amazon Prime (AMZN) and Hulu.

“Going forward [CBS Television Studios] will be producing more and more shows for more and more outlets, including major streaming companies and other emerging distributors,” CBS CEO Les Moonves said. “I think shortly you will hear about us being in business with some of the S.V.O.D.s with programs.”

The network also discussed the potential acquisition of CNN, saying that it will not happen in the near future.

CBS stock is up about 3.8% Friday afternoon. NFLX stock is down 0.6% and AMZN stock is up 1.75%.